Obama signed the Family Smoking Prevention and Tobacco Control Act during an event in the Rose Garden. The law allows the FDA to reduce nicotine in tobacco products, ban flavorings and prohibit labels such "low tar" and "light," according to the report. Restrictions in marketing, advertising and retail signage are also mandated in the law, and tobacco packaging will also see larger warnings.

Obama cited his own struggle with smoking as he said that almost 90 percent of smokers begin the habit by the time they turn 18, according to a report by The Washington Post. "I know—I was one of these teenagers," said Obama, who has frequently talked publicly about his struggle to kick smoking. "And so I know how difficult it can be to break this habit when it's been with you for a long time."

The FDA will not be permitted to ban nicotine or tobacco outright, but it can regulate tobacco products' ingredients, the report stated.

Former President George W. Bush opposed the legislation and threatened a veto after it passed the House last year.